WTI briefly tops $81 as Hormuz talks stall

2026-08-10

WTI climbs into the $81 range

Front-month September WTI, the US crude benchmark, rose as much as 4% on June 10 from Friday's close to $81.62 a barrel. It was the first move above $80 in six days, with concern that talks between the United States and Iran on reopening the Strait of Hormuz were making no progress driving the market higher.

US-Iran talks stall

WTI had traded in the $70 range since June 4 on hopes that the strait would reopen, but it returned to the $80 range. On June 8, Iran presented Washington with six demands as conditions for reopening the Strait of Hormuz, including lifting sanctions and compensation for damage caused by attacks. On June 9, Foreign Minister Araghchi said talks would not resume unless the United States accepted the demands.

Upside remains limited

There is little for the United States to use to break the deadlock in talks. US news site Axios reported on June 9 that President Donald Trump said he was 'watching to see their money run out amid massive inflation' in Iran. It said he avoided military threats.

On the oil market, US Treasury Secretary Scott Bessent told US media on June 4 that Washington could soon reach an agreement with Iran on reopening the strait, and prices hit their lowest since mid-July last week. In a report dated June 10, Phil Flynn of Price Futures Group said the upside in oil prices was likely to remain limited, adding that 'the market remains cautiously optimistic about the end of the war.'

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